Crypto Price Analysis 12-11 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGWIFHAT: WIF, CARDANO: ADA, APTOS: APT, FANTOM: FTM

As a seasoned cryptocurrency investor with years of experience under my belt, I can confidently say that the market is as volatile as ever. The past week has been a rollercoaster ride for many coins, and it seems like the turbulence isn’t letting up anytime soon.

Bitcoin (BTC) experienced another dip below $95,000 in the evening of Tuesday, reaching a low of $94,435 before rebounding and surpassing $97,000 again. Over the past day, the digital currency has seen a slight increase, currently trading around $97,500.

After approximately $1.5 billion worth of positions were liquidated on the markets, affecting more than half a million traders, a noticeable decrease followed. Additionally, Bitcoin’s unexpected fall had a substantial effect on the entire market, causing its overall market value to contract by over 7%.

Currently, Ethereum (ETH) is seeing a slight dip, trading at approximately $3,660. In contrast, Ripple (XRP) has bounced back from its recent fall, currently valued at around $2.33 with an almost 8% increase. Dogecoin (DOGE) and Polkadot (DOT), on the other hand, have experienced noticeable decreases. However, Tron (TRX), Cardano (ADA), Toncoin (TON), Stellar (XLM), and Uniswap (UNI) are reporting significant gains.

Google Unveils New Quantum Chip. Can It Crack Bitcoin?

Google unveiled its new supercomputer chip called Willow, capable of completing calculations that today’s supercomputers would need years to accomplish within minutes. This breakthrough has sparked interest in the cryptocurrency sector, as experts debate whether Willow could breach secure blockchain networks and render current public key encryption techniques obsolete. Consequently, some parts of the Bitcoin community are expressing concern due to the possibility that this chip may undermine Bitcoin’s security measures and cryptographic methods.

As a researcher exploring quantum computing, I’m awestruck by Willow, boasting 105 qubits and an extraordinary capacity to minimize computational errors. A recent Google post claims that it can accomplish a benchmark test in less than five minutes – a task that current supercomputers would require approximately 10 septillion years to finish. The crypto community is divided on the implications of Willow for Bitcoin and digital currencies. Some fear that its power could potentially dismantle encryption and decipher Bitcoin, while others argue that when tested against Bitcoin’s security, it shows several limitations.

Bitcoin proponent Ben Sigman highlighted that Bitcoin employs two distinct encryption techniques: the Elliptic Curve Digital Signature Algorithm (ECDSA) and the SHA-256 hash function. Sigman emphasized that breaking through these encryptions would demand millions of quantum bits (qubits), which puts Willow, with only 105 qubits, significantly below the required threshold for cracking Bitcoin’s encryption.

Question: Could Google’s Willow quantum processor potentially break the encryption of Bitcoin? Although estimates suggest that cracking Bitcoin’s encryption would require a quantum computer with around 13 million qubits to accomplish the task within 24 hours, Google’s Willow chip is only capable of hosting 105 qubits. Despite this significant advancement, there’s still a long way to go in the realm of quantum computing. However, it represents a remarkable stride forward in our quest for powerful quantum computers.

It was noted by some that concerns about cryptocurrencies become less significant when powerful processors like Willow or its equivalents are capable of breaking existing encryption standards. In simpler terms, this means that if a chip as strong as Willow can crack the codes we currently use to secure data, then worries about cryptocurrencies become minor issues.

“If quantum computing breaks encryption, crypto would be the least of your worries. It will – expose government & military secrets – exploit banking systems – and turn private chats public, but Google’s Willow is at 105 qubits. Breaking bitcoin needs 13 million qubits – still a long way.”

Microsoft Shareholders Reject Bitcoin Reserve

Shareholders of Microsoft rejected a suggestion to include Bitcoin (BTC) in the company’s financial records. This idea was proposed by The National Center for Public Policy Research (NCPPR), a research organization from Washington DC, who believed it was part of a company’s responsibility to offer shareholder value through diverse income streams. During the meeting, NCPPR presented a video detailing this proposal, which included graphs and data about Bitcoin’s potential benefits and reasons for incorporating it into the company’s finances.

Bitcoin’s use by institutions and corporations is growing increasingly frequent. Notably, one of Microsoft’s major shareholders, BlackRock, provides its investors with a Bitcoin Exchange-Traded Fund (ETF).

The proposal also discussed BTC’s volatility, stating it was more volatile than corporate bonds, and advised against holding too much of the asset. However, it advised against ignoring Bitcoin altogether.

When assessing cryptocurrency investments for corporate treasury purposes, which need reliable and consistent investments to maintain liquidity and finance operations, it’s crucial to take volatility into account, as the proposal itself points out.

Trump To Make Bitcoin (BTC) A Central Focus

During his administration, President-elect Donald Trump intends to give significant attention to Bitcoin (BTC), hoping to boost its value up to $150,000. Insiders from Trump’s transition team claim that he views BTC as an alternative stock market and predicts a rapid price increase within the early stages of his term. Trump’s fascination with BTC and cryptocurrencies is part of a larger strategy aimed at making the US a dominant force in crypto technologies and other emerging sectors. David Sacks, a former executive from PayPal, has been assigned as the White House AI and Crypto Czar to develop a clear regulatory structure for the industry.

The new government aims to establish clear guidelines for cryptocurrencies and related businesses, encouraging growth and advancement in the sector.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) experienced a steep decline at the start of the week, dropping to $94,177 before recovering. However, it’s been finding it tough to break above $98,000, an area where selling activity is high. This past week has been particularly challenging for Bitcoin and the broader crypto market, with sudden price drops causing a loss of billions in value and a decrease of over 8% in the total market cap within a day. While BTC managed to bounce back strongly after Monday’s drop, other popular cryptocurrencies like Ethereum (ETH) and Solana (SOL) have not fared as well. The cause for this turbulence appears to be related to high levels of leverage, liquidity problems, and general market instability.

The selling spree on Coinbase initiated the market downturn, with traders swiftly dumping their holdings an hour prior to the fall. This persistent selling triggered a chain reaction leading to Bitcoin’s liquidation. Examining its price graph, it appears that Bitcoin’s upward trajectory weakened as we entered this current week. On Tuesday, Bitcoin bounced back from a daily low of $93,665, recording almost a 3% growth on Wednesday and settling at $98,581. However, the momentum of buyers faltered after reaching $103,900, causing Bitcoin to plummet to a low of $92,285, dipping below its 20-day Simple Moving Average. After recovering from this level and surpassing $95,000, Bitcoin settled at $97,023, resulting in a decrease of approximately 1.51%.

On Friday, Bitcoin saw a nearly 3% increase, peaking at $101,913 before ending the day at $99,695. Buyers continued to dominate on Saturday with a slight uptick, pushing Bitcoin back above $100,000 on Sunday and closing at $101,043. However, markets took a steep dive on Monday, causing Bitcoin to plummet to an intraday low of $94,177 before settling at $97,434, representing a nearly 4% drop. Sellers held the upper hand on Tuesday as Bitcoin dipped slightly, recovering from an intraday low of $94,307 to close at $96,914. Currently, buyers are attempting to regain control and push Bitcoin toward $98,000 and potentially $100,000, with a nearly 1% increase in the current session.

At present, Bitcoin (BTC) is encountering resistance around $98,000. If purchasers manage to push it beyond this point, BTC may aim for another test at $100,000. Conversely, a decline could potentially cause the price of BTC to dip down to $95,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is looking to recover after facing a substantial drop at the beginning of the current week as sellers attempted to drag it below $3,500. ETH was quite bullish last week as it rebounded from a low of $3,504, registering an increase of over 6% on Wednesday to go past $3,700 and settle at $3,844. Sellers attempted to drive ETH below $3,500 on Thursday as it fell to an intraday low of $3,644. However, buyers propped up the price from this level, and ETH ultimately settled at $3,787 after a decline of 1.48%. Despite considerable bearish sentiment and volatility, ETH recovered on Friday, registering an increase of almost 6% to go above $4,000 and settling at $4,003 after reaching an intraday high of $4,093.

Over the weekend, I observed a slowdown in activity among sellers, causing Ethereum (ETH) to dip slightly on Saturday and then rise by 0.19% on Sunday, reaching $4,007 once more. However, the markets experienced a sharp decline on Monday, leading ETH to plummet to an intraday low of $3,504 and slip below its 20-day Simple Moving Average (SMA). Despite this setback, it managed to find support at that level and climbed back above the 20-day SMA, settling at $3,716, marking a drop of over 7%. On Tuesday, sellers maintained control, pushing ETH towards the 20-day SMA, causing it to dip to a low of $3,519 before settling at $3,630. As of now, ETH is showing an increase of more than 1% as buyers aim to regain $3,700 and potentially push towards $4,000. If sellers regain control and drive ETH below $3,500, it could plummet to as low as $3,200.

Solana (SOL) Price Analysis

As a Solana (SOL) investor, I’ve observed an attempt by the coin to bounce back as it recovers from its support levels, countering mounting selling pressure. However, SOL has been finding it challenging to surpass the 20-day Simple Moving Average (SMA), which served as a formidable level of resistance, hindering any advance beyond $240. After dipping to an intra-day low of $219 on Monday, SOL showed resilience with a robust recovery on Tuesday, rising approximately 4% from a low of $215 to close at $234. Sellers regained control on Wednesday, pushing SOL down nearly 2% to $229. Despite facing considerable volatility on Thursday, the price rebounded, registering an increase of 2.84%, and closing at $236 after touching an intra-day high of $244 and a low of $221.

On Friday, buyers kept control as SOL reached a peak price of $246, but it failed to hold this level and dipped below $240 to close at $237, showing only a minimal increase. The weekend was a mixed bag for SOL, with a small rise on Saturday and a slight decrease on Sunday, ending the weekend at $237. On Monday, selling pressure intensified as SOL plummeted to an intraday low of $205, with sellers trying to push the price below $200. However, SOL managed some recovery and surpassed its 50-day moving average to close at $216 after a significant drop of almost 9%. The selling pressure continued on Tuesday as SOL dropped to $213 following a fall of 1.47%. In the current session, buyers are aiming to regain control and push SOL towards $220 and ultimately the 20-day moving average.

Dogwifhat (WIF) Price Analysis

Last week saw a strong surge in the price of Dogwifhat (WIF), breaking through the resistance level at $3.50 and even briefly reaching over $4 before pulling back. On Tuesday, WIF bounced back from an intraday low of $2.99 to record a gain of more than 5%. However, it failed to exceed its 20-day Simple Moving Average (SMA) and dipped by nearly 3% on Wednesday, ending the day at $3.19. The price of WIF sank to an intraday low of $3.04 on Thursday due to persistent selling pressure. But WIF rebounded from this level, posting a nearly 5% gain that took it above its 20-day SMA and closing the day at $3.35. Buyers remained in control on Friday as WIF climbed by 4.07% and ended the day at $3.48, approaching the resistance at $3.50 once again.

On Saturday, WIF made a strong comeback, breaking through the barrier at $3.50 following an increase of more than 11%, ending the day at $3.87. However, it failed to maintain its momentum and move beyond $4 on Sunday, causing a decline of 3.68% to $3.73. The bearish trend grew stronger on Monday as WIF plummeted over 18% below its 20-day Simple Moving Average (SMA) to close at $3.05. On Tuesday, sellers continued their control, pushing WIF beneath both the $3 mark and the 50-day SMA to $2.84, resulting in a drop of 6.69%. In the current trading session, buyers are attempting to regain $3 and push the price above the 50-day SMA.

Cardano (ADA) Price Analysis

Since last Tuesday, when Cardano (ADA) hit a peak of $1.32, there’s been a significant wave of selling, causing the sentiment to turn bearish. After reaching this high point, ADA dipped slightly and continued to decline on Wednesday, dropping 0.50%. The selling pressure and market volatility intensified on Thursday, pushing ADA down from its intraday high of $1.24 to close at $1.16, marking a decrease of 2.27%. However, ADA saw a recovery on Friday, rising nearly 6% and settling at $1.22. Unfortunately, the cryptocurrency fell back into negative territory over the weekend, dropping by 1.38% on Saturday and an additional 1.40% on Sunday, leaving it at $1.19.

On Monday, there was a significant escalation of pessimistic feelings in the market, causing a drop. This downturn greatly impacted ADA, causing it to plunge nearly 16% and dip below its 20-day Simple Moving Average (SMA), reaching an intraday low of $0.91 before bouncing back to reclaim $1. On Tuesday, sellers tried to pull ADA lower again, pushing it down to $0.91. However, it managed to recover from this point, increasing by 1.69% to close at $1.02. In the current session, ADA is showing a minor decline as both buyers and sellers are wrestling for control.

Aptos (APT) Price Analysis

Last week, Aptos (APT) began with an optimistic trend, peaking at $14.75 on Tuesday. But the mood shifted on Wednesday when trading activity intensified and volatility spiked significantly, causing APT to drop nearly 3% to $14.13. The selling pressure continued on Thursday, pushing APT down to a low of $13.08. However, it managed to rebound from that point, closing at $13.62, resulting in a decrease of about 3.59%. Despite heavy selling, APT experienced a substantial surge on Friday, rising approximately 8% and ending the day at $14.68 as buyers tried to overcome the resistance at $14.50.

On Saturday, APT reached a peak of $15.37 but failed to maintain its upward momentum, causing the price to drop slightly and close at $14.58. The downward trend continued on Sunday, with selling pressure pushing the price further down to $14.54. On Monday, bearish sentiment intensified, causing APT to plunge nearly 18%, dropping below its 20-day moving average and support level at $13 to close at $11.97, having hit an intraday low of $10.49. The negative sentiment persisted on Tuesday as APT dipped briefly below its 50-day moving average before recovering to close at $11.64, marking a decrease of 2.76%. Currently, APT is seeing a slight increase in price as buyers attempt to push it back above $12 and approach the 20-day moving average.

Fantom (FTM) Price Analysis

Fantom (FTM) started the previous week on a bullish note, surging almost 14% and settling at $1.24. Despite a strong start to the week, FTM fell back into the red on Tuesday after considerable volatility. FTM ultimately registered a marginal drop to remain at $1.24. Buyers attempted to go above the resistance at $1.30 on Wednesday as FTM reached an intraday high of $1.29. However, buyers lost momentum after reaching this level, and the price fell back, dropping 2.41% and settling at $1.21. Buying activity picked up on Thursday as FTM rose 8% to move above $1.30 and settled at $1.31. Sellers attempted to drag the price below $1.30 on Friday. However, buyers prevented a decline, and FTM registered only a marginal drop to remain above $1.30.

Over the weekend, buyers gained some ground with FTM experiencing a slight rise on Saturday and then a 1.12% jump on Sunday, closing at $1.33. However, bearish trends intensified on Monday, causing markets to plummet and FTM to plunge nearly 17%, reaching a low of $1 before settling at $1.12. Tuesday saw a recovery despite heavy selling activity, with FTM increasing by 3.19% to reach $1.15. In the current session, buyers and sellers are in a stalemate, with FTM showing a small increase.

2024-12-11 18:04